B of A ups S&P 500 earnings forecasts for 2010

DeborahLevine

NEW YORK (MarketWatch) -- Bank of America Merrill Lynch raised its earnings forecast for the S&P 500 Index
SPX, +0.01%
on Monday, citing better-than-expected performance from some sectors in 2009. For 2010, analysts led by David Bianco raised the firm's earnings estimate to $75 from $73 a share. For 2011, he raised the estimate to $85 from $83. The firm also said it expected 2012 earnings to rise even further, to $90 a share. "The increase in our EPS estimates is mostly from technology and also from consumer discretionary and a little from healthcare," Bianco, the firm's chief U.S. equity strategist, wrote in a note. The technology sector added $1.50 to the 2010 and 2011 S&P 500 estimates. The analysts said they expect a strong earnings recovery on rising financial sector profits and healthy non-financial profit growth "despite a subdued US G.D.P. recovery forecast."

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